O-1956-499 - Laserfiche WebLink

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G.'~ . / ~/ ~.\, I ' ~:: ~/ ~ .----~ \ ; ... , , '. - j . I '~ ~. 1.4iiii_ '~ \ I ) ; I .'........~_/ . . .. -,. ... .;.... .-. ., . ... SlATE OF TEXAS 1 I COUNTJOf BARRIS I A RESor.DtICfi AUTHORIZING TUE CIty IF tA PORTE TO BORROI THE SUI OF TEN THOUSAND DOUARS ($10,000.00), TO BE EVIDENCED BY TAX ANTICIPATlm NOTE, PAIABJ.E OUT OF CURRERI' TAXES COLLECTED DORING THE FISCAl. YEAR BEGINNING JOLI 1. )956 AND ENDING JUNE 30. 1957. . IOElt.EAS, it has been determined by the City Commission of the City of La I.orte that a ,eeessity exists to borrow tbe sum of T en Thousand Dollars ($10,000.00), for g-eJleral administrative purposes aDd that the antiCipated cur- reDt revelue frOIl ad val o~em taxes will illIOunt to approximately NINETY THOIT~AND ,ONE HUNDRED SIX~EEN AND 86/100 -----------DOtLARS ($ 20.116.86 ); aDd IUEREAS.tbe FUst National Bank of La Porte, Texas bas agreed to make the :City it loan 'in said SUID, to be paid, witb tbree per cent. (31) per aDnUII interest thereoD. on or before 'the 15tb day of February, A. D. 1951; and . UBEREAS.tbe Ci;lY 1111 bave clIrrent revenues from the collectioD of said taxes available. and sufficient to pay 'said obligatioD at..turity: NOI. THEREFORE, BE IT RESOLVED BY THE CITY COIIUISSION OF TUE CITY OF J.A PORTE,. TElAS tbU tbe lI.ayorand tbe City Clerk (Director of Fioance) be autb- orized to Issue a promissory note of tbe City of La Porte. to be desigDated "al Anticipation Note for tbe Fiscal Year beginniDg July I. 1956 and cDding lUDe 3D, l?Sl", such note ~o be tn tbe principal sum of Ten Tbousand Dollars ($10,000.00). to bear interest at tbe rate of three per cent. (3~) per anDum uotil mato..it,y. lith. tbe usual provision for iDterest at the rate of six per cent. (6~) per aDDumon past due priDcipal arid ioterest aad ten per cent. (Joll attorney's :fees, such note to be due aod payab) e OD or before tbe 15tb day of February, A. D.1957,. that said Dote be sold by tbe City to tbe First NatioDal BaDk .0.' I.aPorte, T~Jas, at not Jess tban par value. IIhen such Dote has been dulv executed bv the,lavnr ~Dd City Clerk and delivered to said Bank. uith a copy 01 t1l1:5 res:o) UUOD. sueh indebtedness tbereby evidenced sball be fuJly . biDdiDg upon the Cit1iand BE It FURTftER RESOLYED' that the City of La Porte hereby appropriates aDd sets aside tbe sum of TeD Tbousand Dollirs ($10.000.00) out of the curreDt . revenues from tbe collection of ad vilore. tales for tbe payment of 5uch ID- debt ed~e 5 S.